Todd Michael Glaser Selling One of the Most Expensive Homes in America at $169M

Key Points

• $169 million listing tops Realtor.com's most expensive U.S. home list.

• 2.34-acre oceanfront estate features 16,900 sq ft, priced at approximately $9,994 per sq ft.

• Developer Todd Michael Glaser, who recently acquired the property for $105 million, may hold or flip it — land alone is valued at over $160 million.

Miami’s North Bay Road—a storied enclave where land rivals luxury builds—is now home to one of the priciest listings in the nation: a sprawling, nearly 17,000-square-foot oceanfront mansion listed at $169 million. Below is a strategic breakdown of why this matters to investors, developers, and brokers.

Market Overview: North Bay Road’s Ultra-Luxury Surge

• North Bay Road holds roughly 150 waterfront estates collectively valued at $1.7 billion.

• Since 2020, there were $1.19 billion in transactions, including 24 sales above $20 million.

• Land prices in this enclave now trade between $1,000 and $1,500 per square foot.

• Despite record offers, many long-time owners are holding firm, contributing to scarcity.

Property Details & Investor Insight

The Estate

• Address: 5490 N Bay Rd, Miami Beach

• Size: 2.34 acres, 16,900 square feet, originally built in 1936, with direct deep-water access to Biscayne Bay

• Layout: 8 bedrooms, 13 bathrooms, with high-end finishes including a curved staircase, domed ceiling suite, indoor racquetball court, theater, sauna, billiards room, and multiple terraces with pool, hot tub, tennis court, and boat dock

• Asking Price: approximately $9,994 per square foot

Developer Strategy

• Todd Michael Glaser purchased the estate for $105 million and updated it with new furnishings and cleanup work.

• He is considering either flipping the property as-is or redeveloping it into a $250 million megamansion.

• He values the land alone at over $160 million, signaling that the bulk of the listing price is tied to land scarcity.

• Glaser’s broader portfolio includes high-end properties across Miami Beach, Palm Beach, Newport Beach, and Manhattan.

What Investors & Brokers Should Watch

• Land is increasingly the primary value driver, especially in high-demand, low-supply corridors like North Bay Road.

• Repositioning older properties offers strong upside potential, particularly as turnkey luxury demand grows.

• Buyers at the top end are favoring fully furnished, move-in ready homes—convenience now drives premiums.

• Long-term owners who hold rather than sell can command significant premiums as supply remains tight.

This listing isn’t just headline-grabbing—it represents broader trends shaping Miami’s ultra-luxury market. The estate highlights how land value, exclusivity, and convenience drive modern demand. For investors and brokers, strategic redevelopment and land banking in ultra-high-net-worth enclaves continue to offer sizable returns.